Community Reinvestment Act (CRA)
- The Community Reinvestment Area (CRA) Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. This program permits designated areas where investment has been discouraged as a CRA to encourage revitalization of the existing housing stock and the development of new structures.
Tax Increment Financing (TIF)
- Tax Increment Financing (TIF) – Tax Increment Financing (TIF) is an economic development mechanism to finance public infrastructure improvements. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.
- The Enterprise Zone is an economic development tool administered by the Portage Development Board that provides real and personal property tax exemptions to businesses making investments within the county. The Enterprise Zone Program can provide tax exemptions for a portion of the value of new real and personal property investment (when that personal property is still taxable) when the investment is made in conjunction with a project that includes job creation. Existing land values and existing building values are not eligible (except as noted within rare circumstances).
Income Tax Rebate
- In rare cases, the City of Streetsboro is willing to consider rebating a portion of the revenue generated by new jobs to the company providing said jobs. The tool is typically used for situations where the company is providing many jobs or are paying significantly more than average wages. In general, this type of assistance is limited to manufacturing, headquarters, and R&D operations.
- The Portage County Port Authority has a variety of powers that may be useful in development projects. Because of their tax-exempt status, port authorities have the advantage of passing savings on to economic development projects, thus making projects possible that might not otherwise happen. They facilitate economic development projects by loaning monies at competitive or better rates, acquiring and selling property for economic development purposes, and providing structured financing such as a synthetic leases to free up capital. Depending on the credit terms, the port may also act as a pass through entity for the issuance of bonds. Property owned by ports are exempt from all taxation and the Port has the authority to grant a sales tax waiver on construction materials for your project.
- There are a variety of programs that provide low-cost financing to businesses and manufacturers for energy improvements that reduce energy usage and associated costs, reduce fossil fuel emissions, and/or create or retain jobs. Options include the Energy Loan Fund, Property Assessed Clean Energy (PACE) and the State Energy Program. We may also partner with a local Port Authority to see if we can help get credit enhancement for energy improvements.
- there are a variety of incentives around workforce. Including the Ohio Incumbent Workforce Voucher Program to pay for up to 50% / $4,000 per employee of costs incurred for training
Small business development
- The Invest Ohio Program provides a non-refundable income tax credit to investors that provide new cash to Ohio’s small businesses to acquire ownership interest. The Collateral Enhancement Program uses Federal funding to improve access to capital for Ohio’s small businesses. The program provides some lenders with cash to use as additional collateral for loans make to eligible, for-profit businesses. Companies that wish to attend trade shows and grow international sales may wish to explore an IMAGE grant which will help defray (up to 50% / $10,000) the costs associated with activities to increase export sales. Our partners at Cascade Capital Corporation may be able to assist companies that are industrial, R&D or distribution related with a low interest loan through Regional 166 Direct Loan.